Inflation is under control insists Chinamasa

Minister of Finance and Economic Development Patrick Chinamasa has said that Zimbabwe’s inflation is one of the lowest in the region and will likely end the year at less than 3 percent. Speaking in parliament last week, Chinamasa said:

I think the question will be dealt with more comprehensively under my Ministerial Statement because it covers very much the issues of inflation.

However, I must say that as at end of August this year, inflation is at 0.14% and we anticipate that maybe by the end of the year, it will be around 2 to 3%, which still remains the lowest inflation within the SADC region.

Despite Chinamasa’s claims, prices went up over the weekend in some shops after reports that there were excess bond notes on the streets which were being used by cash dealers to buy up the foreeign currency. This forced Reserve Bank of Zimbabwe governor John Mangudya to issue a statement claiming that there were no price increases and that there would be no shortages of basic commodities.

More: New Zimbabwe